LNG Canada offers First Nations option to invest up to C$1 billion in phase 2 project

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The Shell-led LNG Canada venture has reached a deal giving five First Nations an equity option to invest as much as C$1 billion, approximately US$710 million, to acquire infrastructure in Canada's biggest liquefied natural gas project as a major expansion looms. The indigenous groups will have the option to acquire majority ownership of a special purpose vehicle that would own the storage tank for the proposed expansion in British Columbia, a buildout that could reach a final investment decision by the end of the year. The 225,000 cubic meter storage tank, which LNG Canada says is among the largest in the world, would then be leased back to the company, which would operate and maintain it. The equity option was agreed upon between LNG Canada's shareholders and a consortium consisting of the economic development arms of the Gitga'at First Nation, Gitxaala Nation, Haisla Nation, Kitselas First Nation, and Kitsumkalum. LNG Canada is a joint venture that is 40 percent owned by Shell, 25 percent by Malaysia's Petronas, 15 percent by PetroChina, 15 percent by Japan's Mitsubishi, and 5 percent by Korea Gas Investments.

Impact on stocks 6

Energy Transition & Power Demand▲ · 4 stocks
Shell plc
SHEL
▲ PositiveCapitalrelevance

LNG Canada, 40% owned by Shell, secures indigenous investment deal for phase 2 expansion, reducing financing risk and advancing FID.

Financials▲ · 1 stocks
Others▲ · 1 stocks

Theme Impact 1

Off-coverage companies 1

PetronasPrivate▲ Positive
Capitalrelevance

Petronas, as 25% shareholder in LNG Canada, benefits from the equity option deal that supports the phase 2 expansion.

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